There are few security tips to secure your mobile banking from hackers that I will love to share here.
You know, the use of smartphones and mobiles apps and banking USSD for banking are cool development that has come to stay.
In fact, in some banks, you can no longer withdraw cash in amounts lower than 50-100 thousand Naira.
Me too, I’ve taught so much on the use of USSD, cardless withdrawal (that is how to cash money from ATM whenever you forget your Card at home) and so on.
You might want to check them out here
But there other critical issues we should look at.
In this post, we’ll gain the security insights keep your Only Banking protected to the brim.
And one of the most important banking security tips you should know.
What We’ve Observed about ATM and Preferences
The ATM is becoming obsolete and, as a matter of fact, is still the most preferred e-banking channel because of the services it avails customers that others do not.
First, the ATM gives banking guests quick access to cash. Considering that most retail transactions in the economy are still heavily cash-based, ATMs are the most reliable at this point for quick cash.
But many still argue that the best transaction channel is the USSD codes because it is very easy to access and understand.
And without doubt, we all have out reasons for initiating transaction. No single payment processor can stand the place of the other.
It can also be preferred because of usage, it does not require internet connection or any stressful login-in process
A guest once argued here that hi favourite e-banking channel is Mobile Application because it gives him total control over his account.
He stressed that his most preferred e-banking channel is the Mobile App especially of those banks that don’t require going to their branches to activate
This falls in line with the latest Digital features of the Alat Account by Wema bank, introduced to to take the place of Paypal and Payoneer in Nigeria.
We all Need Secured Banking
This is because all over the world, the phase of banking is taking different shape and so do the security threats on the increase.
This is why we can’t relent in sharing security tips
This post will guide you through all the hacks that predators utilize to steal your money from your banks. Pay rapt attention to ensure your money is secure, even as you bank with convenience.
What is Mobile Banking?
Mobile banking comes in different shapes and sizes and must be treated with equal measures of caution. It is the most convenient means of initiating and completing banking transactions at your own convenience.
It ranges from USSD Codes to the popular banking application for different banks. It can be very dangerous but fun if only you can keep your banking credential secure.
Mobile Banking is Less Stressful
With the latest trends, there need to sand before long queues in the bank, the use of ATM and other manual means of transactions in gradually moving into history books. With a smartphone, one can now undertake millions of functions and carry out many transaction in fewer minutes, but there is a need to keep your banking at a very high security priority.
For instance, the use of paycode is gradually erasing the need for an ATM card. With this, you no longer need any material assistance to make a withdrawal on the ATM machine.
Even as you bank; transfer, make payment online, and maximize the mobile features of the modern banking, remember these tips I’m about to share:
Don’t click on malicious links Got a mail inviting you to click on your bank’s website? Don’t fall for it because it could be a fake website designed to mimic your bank’s official site. Never follow a banking link sent to you in a text message or e-mail.
Always visit the web site directly, i.e., type the link into your browser, or enter your bank’s web address into your phone and bookmark it.
A secure web sites URL should begin with “https” and not “http”. The “s” stands for secure and uses Secure Sockets Layer connection. Another sign to look for is the “Lock” icon displayed in the browser window. economictimes.indiatimes.com suggests.
Security Tips to Protect your Mobile Baking From Hackers
Here they are:
#1. Avoid Auto Password Saving
This goes to the mobile bankers who utilize different browsers for their daily transactions. The need to clear cache and erase browsing histories may be the ultimate help to this, but a skip in the mind can wreak havoc on your hard-earned currency.
Some browsers and banking applications may also demand the auto saving. But the wisest choice will be to disable or ignore the request as you browse.
Do not make this your default setting for any reasonable reasons.
It will always ask for this on your first time of initiating a transaction, but remember a third party might utilize it in the case of phone lose and other crucial security reasons. Do not accept auto saving for either your username or passwords.
Hint: When you lose your device to a morally unfit fellow, your accounts security must be violated and your money will be at risk. As soon as your SIM is active, other transactions may be carried on without possible traces.
#2. Use Multiple Authentication methodology
For Nigerian banks like the FCBM and my favorite, FirstBank, there are options for multiple authentication methodology which will help you secure your accounts even if the passwords is compromised.
For instance, there are other means of logging in to your account, and there are other options to strengthen the validations. This might entail the use of security questions and Token verification.
#3. Don’t Activate the USSD for Your mobile banking
This is, if can’t protect your phone.
It is more valuable to breach; and may also jeopardize the trust and mar your relationship.
Activating your mobile banking USSD increases the chances of your accounts being hacked, and to no visible trace. It might also be utilized in the payment of certain utility bills without your consent.
How: Inasmuch as the phone screen is not locked, there is every possibility that a tech savvy can pay bill with just simple USSD coded on your phone, directly from your bank account. And for the tracing methods, some of the utility bills do not have legitimate means of Identification, thereby creating more rooms for authentic theft.
#4. Use Harder Security Passwords for Your Mobile Applications, Phone Screens and as Web Login Details
You need to choose this with reference to your personal meaning. A password can only be strong if it can be remembered by the owner; and when needed.
Hint: Before you chose an extremely difficult password as a login credential, ensure that your phone number with a valid email address are chosen as the verification materials. This will ensure restoration if failed and will also strengthen the security itself.
#5. Don’t Share Your Password
Just like your Bank Verification Number (BVN), your banking credentials like PIN, and Passwords are meant for your personal utilization. No other one, except the God of your trust, should have access to it.
Avoid being too honest to be a fool.do not entrust your banking credential on anyone, even your next of kin, until you live no more.
Always do all the transactions yourself, or be careful to be assisted when you’ve logged in.
But in order to secure your money while using mobile apps other means of mobile banking, make sure you visit the nearest bank branch.
#6. Always Clear the Browsing cache/App history
This will ensure that the previous details and transactions are hidden from the intruders, if any exist around you.
But what is cache? I know someone must have asked.
I don’t want to be technical; a cache is a temporal memory storage in your machine. It keeps track of the previous things you’ve done with your computer. It’s often referred to as the history in our latest browsers and mobile applications. And the best way to protect your money is to always get rid of it on your apps.
The only known consequence is that it will lead you into logging in afresh, each time you initiate a transaction on the same app.
Understood? Let me know this on the comment section.
#7 For Nigerians: Do not share your BVN
I repeat; to make a secure transaction, never reveal your Bank Verification Number to any individual or the payment Possessor.
The BVN is the universal identifier to all your bank accounts in Nigeria and has the ability of helping hoodlums compromise other features of your Bank accounts. It might be a protective measure for the CBN but also a loophole for hackers.
#8. Separate Your SIM from the Smartphones
There is no single security impact that is trivial. To double the security, separate the SIM with the activated USSD from the Devices that bears the applications.
Most banking systems utilize the Online Transfer Protocol which is generated whenever a transaction is initiated.
Automa, your banking security will be breached, if your SIM is compromised.
Keeping your passwords secure is as critical as keeping your PINs, BVN, Username and other web credentials. As mere as the popular USSD codes, it can compromise your trust and render your hard-earned currencies impotent. Stick to the critical security tips above, in order to ensure safety to your money in the Bank.
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